U.S. Economic Indicators

The University of Michigan Consumer Sentiment Index rose 5.2 points to 102.4 in the preliminary May reading and is up 4.4 points from a year ago. The Index of Consumer Expectations surged 8.6 points to 96.0, while the Current Economic Conditions Index rose 0.1 point to 112.4. University of Michigan

The Conference Board’s Leading Economic Index (“LEI”) increased 0.2% to 112.1 in April, the third consecutive monthly increase. Strong stock prices, sound financial conditions, and an elevated consumer outlook buoyed the index, however continued weakness in the manufacturing sector suggests growth is likely to moderate toward 2% by year’s end. Conference Board Report

U.S. News

The Wall Street Journal reports that the U.S. has announced it will delay a final decision on whether to impose broad tariffs on automobile and auto part imports for 180 days. The White House said negotiations with the E.U. and Japan regarding auto tariffs would continue as part of ongoing attempts to negotiate bilateral trade agreements. WSJ

According to the Wall Street Journal, the share of foreign-born U.S. workers reached its highest level in decades in 2018, driven by steady immigration and a decline in the native-born birthrate. Foreign-born workers accounted for 17.5% of all U.S. employees last year, and median wages and average education levels of foreign-born workers are rising. WSJ